Table 5 Further analysis: firm-level economic consequences

HSSC

1.1862***

1.1345***

 − 0.2209***

 − 0.2130***

(11.53)

(11.32)

(− 4.37)

(− 4.26)

DailySprd1

 − 66.2750***

1.9255**

(− 24.42)

(2.15)

HSSC × DailySprd1

26.9079***

 − 2.8484***

(10.75)

(− 2.61)

DailySprd2

 − 72.4783***

1.7608*

(− 24.20)

(1.79)

HSSC × DailySprd2

29.0258***

 − 3.0079**

(10.61)

(− 2.49)

Size

 − 0.7819***

 − 0.7857***

 − 0.0795***

 − 0.0788***

(− 21.30)

(− 21.37)

(− 8.57)

(− 8.49)

Lev

 − 1.6852***

 − 1.6765***

0.0697*

0.0679*

(− 11.65)

(− 11.59)

(1.90)

(1.85)

ROA

7.7476***

7.7364***

 − 0.2293*

 − 0.2289*

(13.03)

(12.98)

(− 1.68)

(− 1.68)

Cash_vol

0.0781***

0.0790***

 − 0.0137**

 − 0.0138**

(4.48)

(4.53)

(− 2.03)

(− 2.04)

Loss

0.7742***

0.7751***

0.0122

0.0122

(11.44)

(11.45)

(0.50)

(0.50)

Age

0.1231***

0.1201***

 − 0.0363***

 − 0.0362***

(3.97)

(3.87)

(− 4.06)

(− 4.05)

Opinion

 − 1.1993***

 − 1.2010***

 − 0.0271

 − 0.0270

(− 6.71)

(− 6.72)

(− 0.74)

(− 0.74)

Analyst

0.2001***

0.1940***

0.0928***

0.0925***

(11.39)

(10.99)

(14.21)

(14.11)

Turnover

 − 0.0838***

 − 0.0838***

 − 0.0109***

 − 0.0111***

(− 16.25)

(− 16.26)

(− 6.12)

(− 6.24)

_cons

15.8095***

15.9060***

2.0394***

2.0106***

(22.33)

(22.48)

(12.12)

(11.98)

Industry

Yes

Yes

Yes

Yes

Year

Yes

Yes

Yes

Yes

N

17,086

17,086

17,052

17,052

adj. R²

0.546

0.545

0.078

0.078